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Emergent Capital sells senior secured notes

Emergent Capital Inc. on Dec. 28, 2018, entered into subscription agreements with several investors who purchased an aggregate of about $5.7 million principal amount of the company's 8.5% senior secured notes for an aggregate purchase price of about $4.3 million.

Each of the investors is affiliated with either Matt Epstein or James Hua, members of Emergent Capital's board of directors.

The company also received a commitment letter on Dec. 28, 2018, from Ironsides Partners LLC, an entity affiliated with Robert Knapp, a member of the company's board, for an aggregate investment, at the company's election, of up to $2 million principal amount of senior notes for an aggregate purchase price of up to $1.5 million no later than Jan. 31.

The commitment letter contains certain conditions precedent to Ironsides' obligations to buy such senior notes.